Cycle Trading: Bitcoin Delivers Second Buy Signal

We discussed last Thursday that Bitcoin was poised to deliver a buy signal.

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Prior to last Thursday, Bitcoin had been in a daily uptrend that was characterized by lows forming above the lower daily cycle band and highs forming above the upper daily cycle band.  So if a swing low formed above the lower daily cycle band then Bitcoin would remain in its daily uptrend and trigger a cycle band buy signal, which happened last Friday.  

Now, Bitcoin delivered a second buy signal on Thursday.

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Bitcoin closed above the upper daily cycle band on Thursday.  Closing above the upper daily cycle band resumes the daily uptrend and triggers a second cycle buy signal.  

 

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